Traditional bank financing is out, Being an investment and being self employed with low income after tax write offs, so I opt for private or hard money lending with an interest only loan as traditional financing is not currently available to me.After rehab I now have 40% equity in the home (property now appraises for $233,000).

He's the  handyman and carpenter, as well the good cop  ;) So from what I was looking at on the IRS site if we own the sole prop as a married couple we have to file two Schedule C and both pay the self employment tax?  

I'm calculating a monthly cash flow of about $250 and if self-managed an extra $130.

The second building is have layout of dubplex 600 + 900 sq ft, but need all the interior.What i am thinking is to turn the main building in to a 4-plex and use 1 unit for my self. the duplex would be 2 unit.

I'm starting to look at properties in a 1 hour radius (which includes Columbia, SC and Charlotte, NC), with the condition of finding a good PM, instead of self-managing them (as I currently do with my 2 rentals), but I'm still having a hard time finding good 12% cap rate deals.

I am determined to educate myself and grow every day by dedicating my self to learning.

This particular property may make sense to self-manage but having a good option will help if you want to scale up.

I own property that I self manage.  

I use Ortho® Home Defense MAX, I spray around the foundation at my home and one of my rentals that gets bugs.

Since you are living in the building, it will be much easier to self-manage and learn the business of landlording, which really isnt that tough once you get the hang of it.